Germany to issue at once Five per cent. Gold Bonds falling due in 1926, for the repayment of all sums borrowed by Belgium from her Allies up to the date of the armistice.

(b) SHIPPING.

Germany to cede to Allies all her merchant ships over 1,600 tons, half her ships between 1,600 and 1,000 tons, and one quarter of her trawlers and other fishing vessels, and further, to build ships for Allies to amount of 200,000 tons a year for five years.

(c) COAL, ETC.

Germany to make certain prescribed deliveries of coal, benzol, coal-tar, and sulphate of ammonia to France for a period of ten years, and to grant options of additional coal deliveries during the same period to France, Belgium, and Italy.

(d) BELGIAN ART TREASURES.

Germany to hand over manuscripts, early printed books, etc., to the equivalent of those destroyed in the Library of Louvain, and to restore certain other art treasures now in Berlin.

9.-FINANCE.

No part of Germany's pre-war debt to be charged against Alsace-Lorraine or Poland. In other cases Power to which German territory is ceded to bear due proportion of such debt. Germany to bear full cost of armies of occupation from date of armistice onwards.

10.-ECONOMIC.

No tariff discrimination against Allied trade for five years.

All Allied vessels to enjoy most-favoured-nation treatment for five years.

No unfair competition with Allied trade.

Clearing offices for dealing with pre-war debts to be established in Germany and all Allied countries.

Allies to have right to liquidate all German property within their territory.

11.-AERIAL NAVIGATION.

Allied aviators to have equal rights with German in respect of passage over and landing on German territory.

12.-PORTS, WATERWAYS AND RAILWAYS.

(a) FREEDOM OF TRANSIT.

Germany to grant unrestricted freedom of transit for Allied goods through German territory, and free zones in German ports to be maintained.

(b) INTERNATIONAL RIVERS.

Parts of Elbe, Oder, Niemen, and Danube to be internationalised.

(c) NEW CANAL SYSTEMS.

Germany to share, if required, in construction of Rhine-Danube and Rhine-Meuse Canals.

(d) KIEL CANAL.

To be open on terms of equality to warships and merchant vessels of all nationalities.

13.-LABOUR CONVENTION.

Provisions of Labour Convention to be accepted in

full.

14.-GUARANTEES.

All German territory on left bank of Rhine, together with bridgeheads, to be occupied by Allies for fifteen years, being evacuated by stages as instalments of indemnity are paid off. In the event of Germany refusing, either during or after the fifteen years, to observe all or part of her obligations as to Reparation the whole or part of the areas scheduled to be re-occupied immediately.

15.-MISCELLANEOUS.

(a) VALIDITY OF TREATIES.

Germany to recognise the present Treaty and all subsequent agreements between her former Allies and the Associated Powers, and to recognise all new States and the frontiers assigned to them.

(b) RELIGIOUS MISSIONS.

Work of German missions in territory of Allied or Associated Powers to be continued under trustees appointed by those Powers.

16.-RATIFICATION.

Treaty to come into force, as between Powers that have ratified, on draft of a procès-verbal recording deposit of ratifications by Germany on the one hand and any three of the Principal Allied and Associated Powers on the other.

THE AUSTRIAN TREATY

1.-LEAGUE OF NATIONS.

Covenant of League to be accepted in full.

2.-BOUNDARIES OF AUSTRIA.

(a) Austrian Frontiers to be redrawn on lines necessitated by severance of Austria and Hungary, grant of independence to Czecho-Slovakia and the Serb-CroatSlovene State, and cession of territory to Italy and to the Allied and Associated Powers.

(b) CZECHO-SLOVAKIA.

Austria to recognise full independence. Czecho-Slovakia to undertake to protect racial minorities.

(c) SERB-CROAT-SLOVENE STATE.

Austria to recognise full independence. Serb-CroatSlovene State to undertake to protect racial minorities. Klagenfurt area to decide by plebiscite between Austria and Serb-Croat-Slovene State.

(d) POLAND.

Similar provisions as to recognition of independence and reciprocal protection of racial minorities. (e) HUNGARY.

Similar provisions.

(f) RUSSIA.

Austria to accept complete annulment of Brest-Litovsk Treaty to recognise full independence of all territories formerly part of Russian Empire, and to admit right of Russia to reparation and restitution on basis of present Treaty.

(g) GALICIA.

To be transferred to Allies for subsequent disposal in accordance with plebiscite.

(h) ITALY.

Trentino, Southern Tyrol and Trieste Peninsula to be transferred to Italian sovereignty.

3.-PROTECTION OF MINORITIES.

General undertaking to be given covering legal and religious equality and freedom of language.

4.-NAVAL AND MILITARY.

Navy and Air Forces to disappear. Army limited to 30,000, all on voluntary enlistment.

5.-RESPONSIBILITIES.

Surrender of persons guilty of war-crimes required as in case of Germany.

6.-REPARATION.

Austria to make good damage to civilian person and property under certain specified categories. Allied Reparation Commission to assess payments to be made annually for thirty years from 1921, also payment to be made in money and material prior to 1921. All merchant shipping to be surrendered as contribution towards reparation.

7.-RESTITUTION.

All property, including cash, sequestrated by Austria to be restored where identifiable or where seizure can be proved. Artistic, scientific and historic collections previously the property of Crown or State to be inalienable for twenty years except by special arrangement.

8.-FINANCE.

Austrian public (pre-war) debt to be distributed, on basis approved by Reparation Commission, among new States to which former Austro-Hungarian territory is transferred. New States to assume possession of any property within their borders belonging to Austrian Crown or former Austro-Hungarian Government, making such payment on basis approved by Reparation Commission, such payment to rank as Austrian contribution towards reparation.